Family In Music - the company that says it is “building a new music creator network that will revolutionise the way work and get paid” - has revealed another tool it is adding to that network: a Royalty Advance service that has been created in partnership with music funding platform beatBread.
The new tool provides a way for DIY artists and songwriters to seek upfront finance to fund their music projects, which is then paid back from royalties generated by those projects.
Family In Music says that the cash flow service is available to any artist in control of their rights who has at least 15,000 monthly listeners on the streaming platforms. How much cash can be accessed and the precise terms for each artist is based on the requirements and data identified and supplied during the application process.
Commenting on the latest tool being added to his platform, Family In Music COO Kevin Bacon says: “Getting the right financial backing for your music career is always very difficult but even more so for a generation of DIY creators who increasingly work outside of the traditional music business. With our Advance tool songwriters can get funded in a way that leaves them in control of their career but with the necessary cash to keep moving forward creatively as well as commercially".